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Reserve Bank of New Zealand Act 2021

Central bank functions - Regulating bank note handling machines

161: Procedure for issuing standards

You could also call this:

"How the Reserve Bank makes new rules that affect people"

Illustration for Reserve Bank of New Zealand Act 2021

When the Reserve Bank wants to issue a new standard, you need to know they must talk to people who will be affected by it. The Bank calls this new standard the proposed standard. They want to hear from people who will be impacted. The Bank does not have to do this if the new standard is just a small change to an existing one. This can happen if the change fixes a tiny mistake or is very minor. You can think of it like fixing a small typo in a book.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS345715.

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Money and consumer rights > Banking and loansBusiness > Industry rules
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160: Bank may issue standards for bank note handling machines, or

"Reserve Bank makes rules for machines that handle money"

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162: Content of standards, or

"Rules for Bank Note Machines"

Part 3Central bank functions
Regulating bank note handling machines

161Procedure for issuing standards

  1. Before issuing a standard (the proposed standard), the Bank must consult the persons, or representatives of the persons, that the Bank considers will be substantially affected by the issue of the proposed standard.

  2. Subsection (1) does not apply to a standard that amends another standard if the Bank is satisfied that the amendment—

  3. is only correcting a minor error; or
    1. is otherwise of a minor nature only.